With increasing life expectancy and low birth rates, Singapore faces the prospect of a shrinking and ageing population and workforce. The number of elderly citizens will triple to 900,000 by 2030 and they will be supported by a smaller base of working-age citizens. There are currently about 6.3 citizens in the working ages of 20 to 64 years for each citizen aged 65 and above. By 2030, this ratio will go down to only 2.1.
Before we retire, we should save up money on our own every month while we are still working. So that after we retire and have no source of income every month, we still have a sum of money set aside in our bank for retirement.
I think that all of us should cultivate the habit of saving up when we are at a young age. These savings are helpful in times of need. If not, you can also use those money to pamper yourself a bit. Buying yourself new things or going on a trip. In conclusion, I think that when we retire3 it is really time to enjoy our life, the golden years. Retirement is just another new journey to having a good life.